🔗 Share this article

Within his freshly published memoir, called Ithaki, the ex- leader Tsipras spares no criticism as he examines the turbulent era during Greece's financial crisis.

A Controversial Choice

As per Tsipras's recollections, Tsipras selected the unorthodox academic Varoufakis as the finance minister mainly because of his global profile along with Varoufakis's very persuasive skills when it came to public orator.

“In reality, he was, actually, more like a star rather than an economist,” wrote Tsipras.

Conflicting Agendas

Tsipras suggests how Varoufakis had a personal agenda which included promoting his publications as well as experimenting with his own theories on the nation rather than genuinely advocating the country's economic stability.

Tsipras explained that those talks to stave off insolvency became “not only a way to secure improved terms for Greece. They became a test, an historic opportunity to demonstrate the validity of Varoufakis's ideas.”

Critical Talks

Amid rollercoaster negotiations, Greece found itself perilously close to leaving the eurozone.

At stake was both Greece's future and the punishing austerity policies demanded in return for bailout funds by foreign lenders.

Unsuccessful Options

Efforts to find financing from other sources, including an urgent plea to Russia to buy Greek government bonds, went unanswered.

Assisting the indebted country would be equivalent to throwing money into the garbage, the Russian leader is reputed to have told Tsipras during their meeting.

Referendum and Reversal

That summer, those excoriating bailout terms were subjected to a public vote, an action that threw the EU into deeper crisis of identity.

Even though the vote was carried resoundingly by those who opposed the cuts, the prime minister had little option to ignore the result then agree to a bailout package with foreign lenders that turned out to be more severe.

Breaking Point

The ex-PM revealed how he began to doubt Varoufakis relatively soon.

“He was the public image of negotiation, the figure who attracted publicity, who graced the front pages of magazines globally … it seemed he was enjoying the spotlight.”

When Varoufakis outlined a contingency plan that included creating a parallel currency as well as issuing coupons to retirees, Tsipras knew that it was game over and asked him: “Are you serious?”

Enduring Rebuke

In the memoir, Tsipras asserts how Varoufakis had proved himself to be “unsuitable for an agreement that required complex and sensitive handling.”

He also wrote that his aggressive approach left him more and more alone with colleagues, endangered the country, and assisted hardliners who were pushing for Grexit.

This account of events has provoked anger along with stunned disbelief among certain groups, while Varoufakis has maintained a conspicuous quiet on the matter.